zdl_cryptofandomcom-20200214-history
FunFair (FUN)
Basics * Not mineable, token * Started developing prototypes in Q3 of 2016. Went live with a closed beta on mainnet in 5-2018. And on 19-9-2018 launched the first FunFair powered Casino. * Runs casino’s * From CMC (22-1-2020): "FunFair (FUN) was built on the Ethereum network by a team based in London with roots in computer gaming. Envisioning the decentralization of the concept behind casinos, FunFair harnesses peer-to-peer technology in combination with cryptography. Having game-creators, operators, and players each utilizing their FUN tokens for fees or revenues, the technology is meant to enable lower costs along with greater transparency in secure gaming experiences said to be fun, fast, and fair." * From Messari (22-1-2020) "FunFair will be a browser based online gaming platform utilizing HTML5 and WebGL standards on both mobile devices and desktop computers. Casinos will not control any players funds, instead player always control their funds and place bets directly from their wallet. This will allow players to cash out whenever they want and ensure that they always maintain complete control over their winnings." ICO * From Messari (22-1-2020) "FunFair Private Ltd. raised more than $26 million through a token sale in June 2017. Of the total raised, $10 million was in ether (ETH) and more than $15 million was in bitcoin (BTC) which was received from individuals and institutional funds including BlockTower Capital, Kryptonite1, and Pantera Capital. Contributions surpassed the ICO hard cap, but as outlined in the FunFair whitepaper these contributions were still allowed. This resulted in the generation of just over 17.17 billion FUN tokens. The public accounted for 21.3% of all total FUN tokens (3.65 billion) while the remaining tokens were distributed to the founders (13.4% or 2.30 billion), Advisors (1.0% or 184.8 million), and the FunFair Foundation Trust (64.3% or 11.04 billion). Tokens distributed to the founders are subject to an 18-month vesting schedule ending in Dec. 2018. The FunFair Foundation Trust is responsible for the ongoing phase two of the token sale and plans to distribute the remaining tokens at undefined later dates using a Dutch auction model. FunFair has stated the sale of FUN tokens will not exceed one billion FUN tokens annually, with FunFair reserving the option to burn any or all of the unsold tokens. The FunFair Foundation Trust has already burned just over 6 billion FUN tokens, diminishing the max supply to 11 billion FUN tokens. FunFair has previously stated on their website that tokens unsold in phase two auctions will be issued to phase one token holders on a pro rata basis." Token * From Messari (22-1-2020) "FunFair (FUN) tokens power the entire FunFair platform. Players are required to use FUN to place bets and any winnings are paid out in FUN tokens by casinos. FUN tokens will be utilized to incentivize game developers, pay affiliate license fees, white label fees, game transaction fees, and any other platform services. While FunFair is currently testing their beta version and providing demo versions of their games on the FunFair website, some of their demo games are currently testable on the Ethereum test network. Outstanding Supply: 17,173,696,075.72 Founders & Project: 78.72% Investors: 21.28% FUN tokens will be used by players to bet or play games within the online casino. Game developers and casino affiliates are rewarded in FUN and all fees will be paid in FUN. Any FUN tokens used for game transaction or fate channel fees may be burned for the first two years of operations, although this has not been confirmed by FunFair because some regulators have stated they would classify this as a form of dividend." Tech * Whitepaper can be read here. * From Messari (22-1-2020) "Despite operating on a public network, the underlying technology is '''not' open source, except for what is needed to make the games provably fair. FunFair plans to create value through their intellectual property, including their platform, games, and other proprietary technology while eventually making most of their project open-source without revealing the intellectual property that gives them a competitive advantage. The firm’s business model focuses on selling access to their platform through white label casino operators and licenses to affiliates that market or refer players to casinos. FunFair Technologies will not mandate third party game developers to open source their designs, except for the parts necessary to ensure provably fair gaming.'' FunFair focuses on provably fair gaming by pre-committing encrypted entropy (measure of true randomness) to the blockchain and revealing it after a game has completed, proving the fairness of the random number generator. Using this process along with game rules coded into smart contracts the team believes games, and their outcomes, can be proven to be fair. FUN tokens are used to power the smart contracts which run the platform and FunFair’s unique random number generator. The team believes that their unique approach to random number generators can allow for a wider range of games on the platform compared to oracle or block hash models. FunFair is developing a proprietary innovation called “fate channels”, which are a modified version of state channels. Fate channels will commit partial seeds from a random number generator to the blockchain before the start of a gaming session. Funds are committed and locked in a smart contract in advance, and all transactions between parties are progressively signed. The final state is sent back to the Ethereum blockchain and verified so that all parties agree on the outcome, thereby allowing the respective parties to withdraw their funds. Fate channels are based on the work done by state channels, similar to Bitcoin’s lightning network, allowing participants to engage in a rapid back-and-forth countersigning of updated “claims” on escrowed funds. Fate channels can enable a fast, low-cost method for random number generation, starting and ending gaming sessions and finally settling sessions with smart contracts on the blockchain. Because only the final state is added to the Ethereum blockchain this scheme can reduce transaction fees (gas) and ensure that both parties involved in a game session behave fairly by requiring co-signing state transitions. Interactions between a casino and the players will predominantly be off-chain, including execution of the smart contracts, unless there is a dispute which will then require execution being sent on-chain to the Ethereum blockchain." Governance * As of 1-2020 has no (plans of) on-chain governance or decentralized treasury. Roadmap * Seems their website has no further (as of 22-1-2020) roadmap published for after Q4 of 2019. Usage * According to their website (1-2020) there are 20 games live on the platform: "These consist of highly visual, well-crafted titles that range across different genres, such as slots, table games, crypto-favourites and instant wins. We also have a third-party titles live in partnership with Spike Games, with more coming from Big Wave Gaming. You can play these games for real FUN now at CasinoFair and CryptoCasino." Team, investors * Whole team can be viewed here * Jez San Obe; Funfair Group Chairman * Jeremy Longley; founder * Oliver Hopton; CEO & CTO Investors * From Messari (22-1-2020) * Pantera Capital, KR1, Asymmetry Asset Management and BlockTower Capital Category:Coins/Tokens